Conglomerate Ayala Corp. said net income jumped 72 percent in the third quarter to P7.3 billion, on sustained earnings of its telecommunications, real estate and banking units.
The strong-third quarter earnings boosted the conglomerate’s nine-month profit to P17.7 billion, up 26 percent from a year ago.
Given the conglomerate’s financial performance in the first nine months, Ayala Corp. said it was on track to hit the P20-billion net income target this year.
“Our growth trajectory remains strong as we continue to be optimistic about the overall domestic environment,” Ayala Corp. president and chief operating officer Fernando Zobel de Ayala said.
Ayala Corp. said the solid performance was underpinned by the strong double-digit growth in equity earnings contribution from business units, which reached P21.4 billion, up 14 percent from a year earlier.
Real estate arm Ayala Land Inc. earlier reported a 19-percent increase in nine-month net income to P12.8 billion while banking unit Bank of the Philippine Islands registered a net income of P13.8 billion, or 8 percent higher than the previous year.